The White Company Launches White Standard $USD-backed Stablecoins on Interstellar
A stablecoin is a cryptocurrency that is backed by a reserve which corresponds with the coins in circulation and pegs the value of its currency to a fiat currency such as the US Dollar, but it is not tied to a central bank and has low volatility.
It is common to observe Bitcoin and Ethereum values increase and decrease randomly on any day making their use an inconvenience for daily transactions. They are highly volatile. Tether is the most famous stablecoin backed completely by fiat currency.
The White Company
The White Company started in 2017 with a mission to enable clients holding cryptocurrency to purchase real items. It aims at offering greater transparency, exchange, transfer and liquidity within the crypto space.
Launch of White Standard stablecoin (WS)
The White Standard Stablecoins are backed directly by the U.S. dollar deposits and audited monthly. They are built on the Stellar blockchain and will offer users seamless deposit, withdrawals and transfers from dollars, pounds and euros via three new Stellar-powered stablecoins–WSD, WSP and WSE. When a coin is either created or deleted it will be displayed on the company’s official website. The coins can be purchased and redeemed at any time.
Elizabeth White, CEO of The White Company, said the following in the official press release:
“Our goal is to unleash crypto’s real-world potential, and this partnership with Interstellar is the first of many steps in not just bringing the White Standard stable coins to the masses, while increasing the ease for consumers to purchase Stellar lumens (XLM) with USD, GPB and the Euro.”
The White Standard is currently the only U.S. dollar stablecoin built on the Stellar network.
Interstellar is an integrated decentralized exchange (DEX) platform and cryptocurrency wallet launched in 2017 and powered by the Stellar protocol. It currently offers users access to trading in five major cryptocurrencies: Bitcoin, Ethereum, Ripple, Stellar Lumens and Litecoin.
By partnering with the White Company and integrating the White Standard stablecoins, Interstellar will be able to offer traders access to instant withdrawals, deposits and transfer through the WS stablecoins.
It is quite similar to Tether, but has an advantage over Tether as Tether does not provide current audited information.